Congress’ Cushy Pension Plan: What They Have That You Don't

[Clara T]

Many members who recently left Congress will draw more than $1 million over their lifetimes. Some could haul in more than $2 million. Not only is it virtually impossible for members of Congress to lose their pensions -- no matter what criminal activity they may get caught at -- but their pensions can grow over time because of generous cost-of-living adjustments, something that almost never happens for the rest of us.
 
Members of Congress are covered by two pension plans. Those elected before 1984 are in the Civil Service Retirement System; those elected in 1984 and after are in the Federal Employees' Retirement System. It takes five years of service for representatives, senators or their staffs to become vested in the congressional pension system.
 
Members of Congress and their staff can retire with a full, guaranteed pension at age 50 after 25 years of service. Most American workers must wait until age 65. A retiring member of Congress with 25 years in office would start out collecting roughly $90,000 in their first year.
 
And that doesn’t include the federal Thrift Savings Plan (TSP), a defined-contribution plan much like a 401(k) account. Legislators can contribute up to 5 percent of their salaries to a TSP -- and taxpayers match it nearly dollar for dollar. Members of Congress only started paying Social Security taxes in 1984, but they also get to collect Social Security benefits.
 
http://www.dissidentvoice.org/Feb06/Allen02.htm

[ixion]

1. it amazes me how we allow them to vote this type of pension for

themselves, while screwing people who have actually had to work for a living (can you say Enron?).

Really, civil service ought not to be so lucrative, IMO. It ought not to be pleasant, and most importantly, it ought not to be powerful.

[Semi_subversive]

2. Please don't confuse elected officials with civil servants

There's a huge difference.

[Karenina]

3. In this case

Snopes is your friend. This text has been making the rounds for years.

[OneBlueSky]

4. "Members of Congress get full platinum-level health coverage . . .

for themselves and their families -- including choosing their own doctors, seeing the specialists they need, and full dental care.

And while taxpayers are locked into the dwindling benefits of Medicare, members of Congress who retire continue to enjoy a taxpayer-funded health care plan."

this is just so wrong . . . particularly since they are the ones who grant themselves the benefits -- while cutting Medicare and Medicaid . . .

[classysassy]

5. The crooks

we allow the greedy bastards to ripoff the tax payers.Once out of office,send them home with a thank you and nothing more.